PT Chandra Asri Petrochemical Tbk (TPIA) has determined that the coupon for the third phase III sustainable bond in 2021 is worth Rp1 trillion, ranging from 7.80-9%.

Based on a brief prospectus published on Monday (29/3), the third phase III sustainable bond is part of the continuous public offering for the III sustainable bond with a target of raising funds to reach Rp5 trillion.

In stage III, the company offer bonds in three series, namely series A worth Rp50 billion with a coupon of 7.80% and a tenor of three years, series B with a coupon of Rp587.950 billion and a tenor of five years, series C of Rp362.050 billion with a coupon 9% and seven years tenor.

To issue sustainable bonds, the company has obtained a rating from Pefindo, namely 'AA-'.

Chandra Asri entrusted the implementation of the emissions to BCA Sekuritas and DBS Vickers Sekuritas Indonesia as the underwriter, sales agents to Bahana Sekuritas, and the trustee of Bank Tabungan Negara.

Meanwhile, the indicative schedule is as follows: the public offering period will take place on April  9-12, 2021, the allotment of  April 13, 2021, refund of orders, and distribution of bonds electronically, respectively April 15, 2021, and listing on BEI April 16, 2021.

The company plans to use the proceeds from the bond issuance entirely for working capital.